Describe the history, current status, and adoption implications of a Financial Accounting Standards Board ongoing project.

 

Requirements

The FASB has several ongoing projects that involve the review of standards and which may result in updates and/or revisions of financial accounting standards. You should select an ongoing FASB project after visiting the Technical Plan and Project Updates sections of theFASB Web site.www.fasb.org

In a report, with section headings, you should describe the project, its history (briefly), and the project's status. The final section of your report should describe the implications of the project's adoption. For example, a report might discuss a project that would result in accelerating the recognition of certain expenses and require additional disclosures.

Specifically:

• Familiarize yourself with the project, including information on the history and background of the project and its status.
• Using resources atwww.fasb.org(including free access to U.S. GAAP codification if you register at the Web site as explained), identify the relevant GAAP and current standards involved. Discuss the proposed change (i.e., what will be different?) and the reasons for the change.
• Consider SEC 10-K comments in place on changes to accounting regulations. How will this affect reporting requirements? Provide examples in context.
• Using at least three different databases in the UMUC library, find at least five sources of information on this FASB project. As you conduct research, identify an actual case that may have provided the impetus for this proposed change, or that would have been influenced by the proposed change. At least two sources should be from scholarly or professional journals. Document your research progress in the research log. A research log template (sample research tracker) and sample research trackers are included in these project instructions. You should explore UMUC Library resources and our LEO Classroom Accounting Toolbox as well as the resources of major accounting firms and organizations.
• Frequently the large Accounting Firms have extensive analyses of FASB topics. It is strongly recommended to become familiar with these websites.Occasionally they will also offer free webinars on FASB topics.
• Identify stakeholders and the impact of the proposed change on each of the stakeholders (comment letters may provide good insight).

Project selected: Distinguishing Liabilities from Equity Phase 2

References

FASBProject. Distinguishing Liabilities from Equity Phase 2.Retrieved fromhttps://www.fasb.org/jsp/FASB/FASBContent_C/ProjectUpdateExpandPage&cid=1176174223385

Plus external references